CONAM Expands Sacramento Portfolio with Acquisition of 118-Unit Luxury Multifamily Community, Eviva Midtown
September 04 2024 - 8:53AM
Business Wire
CONAM Strategic Investments Fund IV LP, a discretionary fund
sponsored by The CONAM Group (CONAM), is pleased to announce the
purchase of EVIVA Midtown, a 118-unit Class A multi-family
community with 5,639 SF of retail in Sacramento, California. This
property adds to CONAM’s portfolio within Sacramento and is the
latest acquisition in Fund IV.
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CONAM expands Sacramento portfolio with
acquisition of 118-unit luxury multifamily community, Eviva Midtown
(Photo: Business Wire)
Completed in 2016, Eviva Midtown features a six-story building
over a podium deck parking structure including ground level retail
spaces, providing convenient access for the residents. Eviva
Midtown offers residents a parking ratio of over one space per unit
which is greater than most comparable assets in the market.
Community amenities include an enclosed parking garage, bicycle
storage, 24-hr fitness center, community lounge, and courtyard with
a BBQ and fire pit. The units feature quartz countertops
throughout, luxury vinyl plank flooring, in-unit washer and dryers,
and high ceilings with recessed lighting. The property is a
certified Cal-Green Modular Building and as a result, the units
benefit from double insulation, providing better sound proofing and
temperature retention. The superior construction quality, sound
attenuation, ample parking and modern design of EVIVA Midtown
ensures a strong competitive advantage.
“CONAM has been focused on finding high quality assets at an
attractive cost basis. We are pleased with the acquisition of Eviva
Midtown as an accretive deal to Fund IV as it complements our
investment strategy and our approximately 5300 units that we
operate in the Sacramento market,” says Robin Elihu, CONAM’s
Western US Acquisitions Director. “Eviva Midtown is a best-in-class
asset with walkability to Sacramento’s best restaurants, bars,
cafes, and breweries. It offers residents a phenomenal live, work,
play environment in an unmatched location.”
Located within one of the urban core's most convenient and
dynamic neighborhoods with proximity to the area’s most popular
establishments, Eviva Midtown has earned a nearly perfect Walk
Score of 99 and a Bike Score of 97. Eviva Midtown has immediate
access to Downtown Sacramento’s 10 million+ square feet of office
space and is walkable to the State Capitol Building, Capitol Mall,
and the Golden 1 Center, home to the NBA’s Sacramento Kings.
As one of the fastest growing metro areas in California,
Sacramento is attracting a multitude of residents from the Bay Area
and other major U.S. urban locations with a high quality of life,
affordability and focus on growth industries such as technology and
clean energy. Sacramento is recognized for its high concentration
of top paying jobs within the Healthcare and Financial
industries.
CONAM continues to evaluate opportunities that align with our
investment strategy in Fund IV. We are active buyers within the
market and are excited to continue to grow the portfolio
nationally.
In addition to this acquisition, on August 22, 2024, CONAM sold
Sheridan Park a 300-unit garden-style apartment community in Plano,
Texas. This is the first disposition out of CONAM’s Fund II, a
value-add fund that CONAM deployed in 2017. CONAM acquired Sheridan
Park on August 11, 2017, and executed on a value-add strategy
including a full unit interior renovation, roof replacement,
exterior paint, updated landscaping, enhanced lighting, the
addition of a new controlled access gate system, clubhouse
improvements, pool equipment and resurfacing, as well was the
addition of parcel lockers to the asset. The sale of Sheridan Park
generated accretive returns for Fund II.
ABOUT THE CONAM GROUP
Founded in 1975, The CONAM Group (CONAM) is a multi-disciplined
real estate investment and services firm based in San Diego,
California. With over four decades of experience and trusted
results, it is recognized as one of the nation’s most astute
multifamily companies and has been named to NMHC’s Top 50 Managers
List. CONAM's mission is to deliver best-in-class execution in all
provided services, which include property management services;
property acquisition and due diligence; project development;
investment and asset management; and renovation and construction
management. The company’s portfolio features over 60,000 units
managed and over 500 properties managed, across 26 metropolitan
areas in 11 states.
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Angela Beem Vice President of Marketing & Revenue
abeem@conam.com 602.957.8410 Photography HERE